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S&P cuts ICON Health
Standard & Poor's said it lowered its ratings on ICON Health & Fitness Inc., including its corporate credit rating to B from B+, based on continuing sales and margin pressures. The ratings remain on CreditWatch negative.
S&P said the sales of ICON's cardiovascular and strength-training equipment remain weak.
In addition to manufacturing inefficiencies from lower sales volume, S&P said margin deterioration was exacerbated by higher commodity prices and increased transportation costs.
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